TD Cowen lowered the firm’s price target on Texas Instruments (TXN) to $200 from $210 and keeps a Buy rating on the shares. The firm said with the company done building inventory, seasonality, depreciation, and underutilization are coalescing into gusting GM% headwinds. Directionally unsurprising, and FCF should be the story, but 4Q25E 55% GM% is an eyesore.
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